TaxTMI 
TaxTMI 
Change in affiliation of Sub-brokers
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....ge in affiliation, such a change may require approval from the Board. This circular intends to clarify the procedure to be adopted in case of change in affiliation by the sub-broker. The procedure to be followed and the documents to be submitted for seeking approval for change in affiliation by the sub-brokers is specified in the table given below: S. No Scenarios Remarks Procedure and Documents to be submitted by the applicant. (A) (B) (C) (i) A sub-broker intends to discontinue business with one broker and start business with another broker by changing affiliation. * The sub-broker shall submit the application for change in affiliation to the exchange through the broker with whom affiliation is being sought and exchange shall ....
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.... (e) The modified certificate shall be dispatched to the exchange to be handed over to the broker / sub-broker. (iii) A broker applies for surrender. * Sub-brokers affiliated to a broker who has applied for surrender of registration may apply for change in affiliation to another broker or apply for surrender. * The broker must ensure that all the sub-brokers affiliated to it submit the application for change in affiliation or surrender at the time broker applies for surrender. The application must be submitted through the exchange. * The application for surrender of certificate of registration of sub-broker shall be submitted to the exchange through the existing broker whereas the application for change in affiliation of sub-broker ....
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....roval to the broker and before the registration of the incoming broking entity. The application must be submitted through the exchange. * Incase the broker expires, the sub-brokers may change their affiliation within a period of six months from the date on which the broker ceases to exist or the registration will be deemed cancelled. * The application for surrender of certificate of registration of sub-broker (s) shall be submitted to the exchange through the existing broker whereas the application for change in affiliation of sub-broker shall be submitted to the exchange through the broker with whom affiliation is being sought. The exchange shall forward the application for surrender / change in affiliation to SEBI for approval (v) S....